Relatively speaking, the function of futures is price discovery and hedging. The price transparency you are referring to, according to my understanding, may refer to the function of price discovery. Generally speaking, the futures price and spot price (plus related costs) of a product will not deviate significantly for a long time, unless there is Significant price manipulation behavior (not common in recent years), so from this perspective, the recent futures price and spot price should be close. Coupled with the delivery system, as a tool for spot trade, the futures price It's transparent. This is my understanding below.